Joey Cless Broussard, of Princeton, Texas, was barred by the Department of Enforcement of the Financial Industry Regulatory Authority (FINRA) in a default decision made by FINRA’s Office of Hearing Officers for allegedly forging his customer’s signature on a false letter he created to cancel a request for rescission of a purchase of an investment in an oil and gas limited partnership.
FINRA alleged that while associated with Source Capital Group, Inc. of Allen, Texas, Mr. Broussard sold an interest in Bayou City Exploration, Inc. (Bayou City) oil and gas limited partnership to an elderly customer. The investment gave investors a right of rescission if they requested it in writing within ten days of purchase. The customer sent a rescission letter to Bayou City to cancel her investment. Upon learning this, FINRA alleged that Mr. Broussard contacted the customer to get her to keep the investment, explaining that she needed to send a second letter to Bayou City to cancel her rescission request. The customer did not send the letter. Instead, FINRA alleged that Mr. Broussard handwrote a letter purportedly from the customer to cancel the rescission request, forged her signature, and faxed the letter to Bayou City. Joey Broussard did not have the customer’s permission to write the letter or forge her signature. As a result of the default decision, Mr. Broussard was barred from association with any FINRA member in any capacity.
Stockbrokers have been known to engage in many types of practices that violate industry and firm rules, practices, and procedures. In order to protect customers from stockbroker misconduct, FINRA rules require broker-dealers to establish and implement a reasonable supervisory system. The implementation of the rules require supervisors to monitor employees to ensure they comply with federal and state securities laws, securities industry rules and regulations, and the firm’s own policies and procedures. If broker dealers and/or their supervisors do not establish and implement these protective measures, they may be liable to investors for damages that flow from the misconduct. As a result, investors who have suffered losses because of their stockbroker’s unlawful or prohibited conduct can file a claim to recover damages against broker dealers like, Source Capital Group, which should consistently oversee its employees in order to prevent stockbroker misconduct.
Have you suffered losses in your Source Capital Group investment account due to your stockbroker’s misconduct? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation. Mr. Pearce is accepting clients with valid claims against stockbrokers for forgery and/or other unauthorized and prohibited fraudulent conduct.
The most important of investors’ rights is the right to be informed! This Investors’ Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 40 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities, and investment law issues. The lawyers at our law firm are devoted to protecting investors’ rights throughout the United States and internationally! Please post a comment, call (800) 732-2889, send Mr. Pearce an email at firstname.lastname@example.org, and/or visit our website at www.secatty.com for answers to any of your questions about this blog post and/or any related matter.